Ho Chi Minh City Vietnam Currency Essentials and Travel Tips

Vietnam's currency is the Dong, but in Ho Chi Minh City, you'll often see US dollars accepted as well.

The exchange rate is quite favorable, with 1 USD equivalent to around 23,000 VND.

You can exchange your money at airports, banks, or currency exchange offices, but be aware that rates may vary.

Credit cards are also widely accepted, especially at tourist-friendly businesses.

The history of Vietnamese currency is a fascinating story that spans centuries. The first paper money of Vietnam was issued by Ho Dynasty in 1396, but it wasn't a success due to unfavorable historical conditions.

The dong, Vietnam's official currency, was first introduced by the Viet Minh government in 1946, replacing the French Indochinese piastre at par. Two revaluations followed in 1951 and 1959.

The dong went through significant changes after Vietnam's reunification in 1975. The new dong equaled 1 dong of North Vietnam and 0.80 of South Vietnam. On September 14, 1985, the dong was revalued again, equalling 10 old dongs, which had the opposite effect of increasing its value and led to a severe economic crisis.

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Here's a brief timeline of the major revaluations of the dong:

The effects of this crisis still last today, with the dong having one of the lowest values in the world.

French Indochina was a region that existed from 1885 to 1952. The piastre, also known as "silver" in Vietnam, was the currency used during this time period.

The piastre was the official currency of French Indochina.

Vietnam's history is a complex and fascinating topic, and understanding its currency is a great place to start. The country's currency, the Vietnamese Dong, was first introduced by the government of North Vietnam in 1946, replacing the old French colonial currency.

In 1946, the Viet Minh government introduced its own currency, the dong, to replace the French Indochinese piastre at par. Two revaluations followed, in 1951 and 1959. The first revaluation was at a rate of 100:1, and the second was at a rate of 1,000:1.

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After the reunification of Vietnam in 1975, the dong was unified, with one new dong equaling one Northern dong or 0.8 Southern "liberation" dong. This was a significant step towards a single currency for the entire country.

On September 14, 1985, the dong was revalued again, with one new dong worth 10 old dong. Unfortunately, this move had the opposite effect of what economists had hoped for, leading to a cycle of inflation that would continue until the mid-nineties.

The effects of this inflation are still felt today, with the Vietnamese Dong being one of the lowest-valued currencies in the world.

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South Vietnam had notes denominated in piastres and dong issued in 1953 for the State of Vietnam.

These notes were later used in South Vietnam after it evolved from the State of Vietnam in 1954.

The currency in South Vietnam changed dramatically on 22 September 1975, after the fall of Saigon, when it was replaced by a "liberation dong" worth 500 old Southern dong.

In November 2009, the Vietnamese government made a significant decision to devalue the Vietnamese dong by 5% and raise interest rates to 8%, which could potentially destabilize the financial markets in Asia.

This move was a bold step, and it had a ripple effect on the economy. The State Bank of Vietnam (SBV) adjusted the interbank exchange rate between the Vietnamese dong (VND) and the US dollar (USD) to 18,544 VND/USD in February 2010, a devaluation of 3.25% from the previous rate.

The SBV further devalued the VND by 2.04% to 18,932 VND/USD on August 17, 2010, increasing the exchange rate by 388 dong. This change had a noticeable impact on the economy.

In February 2011, the SBV increased the interbank exchange rate between USD and VND from 18,932 VND to 20,693 VND, a 9.3% increase.

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The Vietnamese dong has had a complex history, with multiple iterations and revaluations over the years. The first dong was introduced in 1978, with notes in denominations of 5 hao, 1, 5, 10, 20, and 50 dong.

In 1985, the second dong was introduced, with notes in denominations of 5 hao, 1, 2, 5, 10, 20, 30, 50, 100, and 500 dong. This series was followed by the current series, introduced in 2003, which features unified themes and coordination in its designs.

The dong has undergone several devaluations, with the most recent one occurring in 2014, resulting in a total of five devaluations since June 2014. As of 2022, the dong had a value of approximately 22,862 USD.

The Vietnamese currency, known as the dong, has a rich history and has undergone several changes over the years. In 1978, the State Bank of Vietnam introduced notes in denominations of 5 hao, 1, 5, 10, 20, and 50 dong dated 1976. These notes were later discontinued in 1985 due to inflation and economic instability.

The first dong (1978-1981) had unique features, including a coat of arms on the obverse side and a coconut palm on the reverse side. The dimensions of these notes varied, with the 5 hao note measuring 107 × 53 mm and the 50 dong note measuring 151 × 75 mm. The main colors of these notes were purple-brown, brown, and red-brown.

In 1985, new notes were introduced in denominations of 5 hao, 1, 2, 5, 10, 20, 30, 50, 100, and 500 dong. These notes were followed by higher denominations, including 200, 1,000, 2,000, and 5,000 dong notes in 1987, and 10,000 and 50,000 dong notes in 1990.

Here's a comparison of similar banknotes to be aware of:

To avoid confusion, be aware that the polymer Vietnamese notes can often stick together. Make sure you “flick” the notes when you count them out or you might end up paying double.

The exchange rate is a crucial aspect of currency that affects travelers and businesses alike. In Vietnam, the exchange rate is constantly changing, with the Vietnamese dong (VND) being devalued multiple times since 2009.

The State Bank of Vietnam (SBV) has adjusted the interbank exchange rate between the VND and US dollar (USD) several times, with the most recent rate being 23,116 VND/USD. This rate is subject to change and can be found on the official website of the SBV.

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In recent years, the exchange rate has fluctuated between 22,500 and 23,500 VND/USD. If you're planning to exchange money in Ho Chi Minh City, you can find official exchange rates at banks, travel agents, and hotels.

Here's a rough idea of the exchange rates for popular currencies:

Keep in mind that these rates are subject to change and may vary depending on the exchange provider. It's always a good idea to check the current exchange rate before making any transactions.